Aon Completes Nikols Group Acquisition.CHICAGO--(BUSINESS WIRE)--July 12, 1999-- Aon Corporation (Aon) today announced that it has completed the acquisition of leading Italian insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. broker Nikols Group. Headquartered in Milan, the firm also has offices in Spain, Portugal, Switzerland, Luxembourg, Turkey and Greece, as well as Argentina, Brazil, Chile, Colombia and Uruguay. This completes the offer to acquire the company, previously announced November 12, 1998. Aon's existing offices in Italy will be merged into a new company, to be named Aon Nikols. Mrs. Letizia Moratti Letizia Brichetto-Arnaboldi Moratti (born 26 November 1946) is an Italian businesswoman and politician. She is the current mayor of Milan. She is Milan's first female mayor. Biography Moratti was born Letizia Brichetto-Arnaboldi in Milan. , former chairman of Nikols, will serve as chairman of Aon Nikols. Mr. Carlo Clavarino has been appointed country manager. Patrick G. Ryan, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aon, commented, "The Nikols team is one of the finest in the world. They have outstanding brokerage skills and a reputation for the highest quality service. We are happy to welcome them to the Aon family." Mrs. Moratti added, "We are delighted to be joining a company with such a dynamic and entrepreneurial culture. Aon Nikols is now the largest retail and reinsurance broker in Italy in addition to having excellent facilities in other European and Latin American countries. Our clients are the ultimate beneficiaries as we combine our resources on a global basis." Aon Nikols will have 30 offices and 700 employees in Italy. Terms of the acquisition were not disclosed. Aon Corporation is a holding company that comprises a family of insurance brokerage, consulting and insurance underwriting subsidiaries. Aon's common stock (AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago, and London stock exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . |
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